This section provides background information related to the present disclosure which is not necessarily prior art.
Products are often purchased through payment account transactions, which may involve one or multiple transacting institutions (e.g., banks, etc.). The transactions are coordinated through one or more payment networks, and generally involve authorization, clearing and settlement. It is known for authorization of the transactions to occur immediately upon the request of consumers for the transactions, whereby merchants involved in the transactions are permitted to deliver the products to the consumers. However, the clearing and settlement processes typically take two or more days to complete. The clearing process involves the reporting of transactions from the merchants and/or associated acquirers, and also from the issuers (broadly, transacting institutions), to corresponding payment networks for processing, whereupon the transactions are balanced against different involved transacting institutions. The clearing process may also involve, from time to time, one or more adjustments to the transactions, whereby the amounts of the authorized transactions may be altered (e.g., based on addition of tips, fee assessments, etc.), etc. As an example, for a dining transaction, the authorized transaction amount typically includes an amount for actual food ordered, while the clearing transaction amount then includes addition of a tip. As another example, for a car rental transaction, the authorized transaction amount typically includes an amount for expected vehicle use, while the clearing transaction amount then includes actual expenses (e.g., added fuel expenses, etc.). In any case, once the clearing process is complete, clearing files are provided to the transacting institutions (e.g., as presentments, etc.). And then, in connection therewith or after, the settlement process provides transfer of funds between the accounts of the transacting institutions, and specifically, the consumers' accounts and the merchants' accounts.
It is further known for payment account transactions to be different. Some transactions involve large purchases, while other transactions involve small purchases. Additionally, certain payment account transactions (typically relating to specific categories of transactions and generally identified based on merchant category/acquiring terminal type) are known to be irreversible, often where authorization amounts and clearing amounts associated with the transactions do not differ. Example irreversible transactions may include kiosk transactions, where purchased products are immediately delivered (e.g., from vending machines, etc.), or fast food transactions, where food products are immediately delivered once the transactions are approved (and where the exact actual authorized transaction amount is reflected in clearing, and further in the consumer's statement).
Corresponding reference numerals indicate corresponding parts throughout the several views of the drawings.